Lab-GrownNov 25, 2024
Lab-Grown Co. Lusix Sold to 2 Companies for $4M Fenix and Dholakia Lab-Grown Diamonds have jointly acquired the Israel-based company, which grows diamonds using solar power.
SourcingDec 09, 2020
Dominion Finds Buyer for Ekati, Mine to Reopen Early 2021
The company has reached a deal to sell the diamond mine to two wealth management firms and says it plans to restart the mine no later than Jan. 29.
The Ekati Diamond Mine, seen here in an aerial shot provided by Dominion Diamond, should soon have a new owner and restart operations. Ekati was Canada’s first diamond mine and has been in operation since 1998.
London—Eight months after seeking insolvency protection, Dominion Diamond Mines ULC said it has reached a deal to sell its Ekati mine to two wealth management firms.
In a news release issued Monday, Dominion announced the sale of the diamond mine to DDJ Capital Management and Brigade Capital Management LP, both investment managers to holders of the company’s second lien notes.
Funds managed by DDJ Capital Management owned Samuels Jewelers for a period in the late ‘90s to the early 2000s, while Brigade was one of the firms that floated Barneys $218 million in debtor-in-possession financing while the now-defunct department store searched for a buyer.
The two companies will acquire substantially all of Dominion’s assets in exchange for taking on $70 million in debt.
The sale does not include Dominion’s 40 percent stake in Rio Tinto’s Diavik Diamond Mine; Dominion and Rio Tinto are involved in a separate legal battle regarding their partnership in Diavik.
Once the deal is closed, Dominion said it expects the ongoing business to pay or otherwise satisfy: Dominion’s employees, including their pension obligations; governmental authorities, including the obligations to restore the land once Ekati closes for good; and Dominion’s Impact Benefit Agreement partners and other Indigenous groups and Northern communities.
The sale of the Ekati Diamond Mine is subject to closing conditions, including court approval.
The deadline for the deal to close is Feb. 1, and Dominion said it will “take all action reasonably necessary or appropriate” to restart operations at the mine no later than Jan. 29.
While most Ekati employees have been out of work since March, there has been a skeleton crew working while the mine has been on care and maintenance, and Dominion recalled 60 workers last month in anticipation of reopening.
When fully operational, Ekati employs more than 1,000 people, including 396 members of Canada’s Union of Northern Workers (UNW) Local 3050.
On Tuesday, UNW President Todd Parsons said the union was “pleased and relieved” Dominion found a buyer for the mine and that the deal includes protection for the mine’s workers and their pensions.
“As the union representing almost 400 Ekati workers, our main objective throughout this difficult time was seeing the mine succeed and reopen, both for long-term stable employment for our members and economic growth for the territory,” he said.
“This is welcome news, especially as we go into the holiday season, and we look forward
to the remainder of our laid-off members returning to work in the new year.”
The diamond mine, which is located in Canada’s Northwest Territories about 120 miles south of the Arctic Circle, has been closed since mid-March.
Dominion was granted insolvency protection the following month, citing the disruption COVID-19 caused to the global diamond market.
An earlier deal to sell Ekati to affiliates of its current owner, The Washington Companies, fell through this fall over the objections of Dominion’s insurers.
The diamond mine, which is located in Canada’s Northwest Territories about 120 miles south of the Arctic Circle, has been closed since mid-March.
Dominion was granted insolvency protection the following month, citing the disruption COVID-19 caused to the global diamond market.
An earlier deal to sell Ekati to affiliates of its current owner, The Washington Companies, fell through this fall over the objections of Dominion’s insurers.
More on Sourcing
The Latest
IndependentsNov 25, 2024
Sophie Bille Brahe Opens First US StoreThe Danish brand has opened an appointment-only location on Madison Avenue in New York City.
Events & AwardsNov 25, 2024
The Original Miami Beach Antique Show Panel to Feature Fred SavageThe actor and watch enthusiast will be part of the show’s education lineup.
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
EditorsNov 22, 2024
Out & About: Inside the CD Peacock MansionStep inside the nearly 21,000-square-foot suburban Chicago jewelry store with Editor-in-Chief Michelle Graff.
Weekly QuizNov 21, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsNov 22, 2024
Piece of the Week: Xander Jane’s ‘Spiked’ Pearl StudsThese punk-inspired earrings from the new Canadian brand’s debut collection reveal the alter ego of the classic pearl.
Supplier BulletinNov 21, 2024
Tasha R Releases 2025 Labbelle Lab Diamond Jewelry CatalogSponsored by Tasha R
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
AuctionsNov 21, 2024
Gold Watch Gifted to Titanic Rescue Ship Captain Sells for $2MThree Titanic survivors presented him with the personalized Tiffany & Co. timepiece about a year after the tragedy.
MajorsNov 21, 2024
Harris Jewelry Ordered to Reopen Claims Portal for Refund RequestsA federal court found that the jewelry store chain violated terms of the settlement reached after it was accused of defrauding customers.
CollectionsNov 21, 2024
Channel Elphaba in Muse’s ‘Have a Heart x Cynthia Erivo’ CollectionCynthia Erivo chose Dreams of Hope, an organization dedicated to empowering LGBTQA+ youth, as the charity for this year’s collection.
MajorsNov 21, 2024
Rocksbox Opens Pop-Up Store in San FranciscoThe new space was designed to evoke a warm, inviting vibe.
IndependentsNov 21, 2024
Mary Moses Kinney Is Now Part of The Edge’s Team Kinney, who spent nearly 30 years at IJO, has been hired to head Abbott Jewelry Systems’ new virtual marketplace.
CrimeNov 20, 2024
Sotheby’s to Pay $6.25M Settlement to NY State for Alleged Tax FraudThe auction house was accused of helping clients avoid paying taxes on millions of dollars’ worth of art purchased from 2010 to 2020.
Events & AwardsNov 20, 2024
Kering Debuts New Jewelry Award With Sustainability FocusThe four finalists will present their pieces at the 2025 JCK Las Vegas show.
CollectionsNov 20, 2024
Pamela Love Channels Surrealist Artists in New CollectionThe “Camera Oscura” collection showcases earring designs celebrating female Surrealist artists Claude Cahun and Leonor Fini.
Policies & IssuesNov 20, 2024
Columbia Gem House Raises $10K for Reforestation EffortsThe money will fund the planting of 10,000 trees in critical areas across Oregon, Arizona, Montana, and other regions.
Events & AwardsNov 20, 2024
The Jewelry Symposium Opens Registration, Scholarship ApplicationsThe event centered on advancing jewelry manufacturing technology will return to Detroit in May 2025.
CrimeNov 19, 2024
Woman Killed in Armed Robbery of Sacramento Jewelry StoreLocal reports identified the woman as the wife of the jewelry store owner.
AuctionsNov 19, 2024
‘A Tsar’s Treasure’ Fetches $2.9M at Sotheby’s Jewelry SaleA collection of pieces owned by Ferdinand I, the first king of modern Bulgaria, and his family, blew away estimates in Geneva last week.
MajorsNov 19, 2024
Trove Opens First US Flagship in NYCThe Australian jewelry box brand’s new West Village store will showcase new jewelers each month through its Designer in Residence program.
CollectionsNov 19, 2024
Snoop Dogg’s New Jewelry Collection Is All About Love“Lovechild” was created in partnership with Carolyn Rafaelian’s Metal Alchemist brand.
EditorsNov 18, 2024
Q&A: Helzberg CEO Brad Hampton on the Jeweler’s RebrandHampton discussed how Helzberg is improving the customer experience and why it was inspired by the company formerly known as Dunkin’ Donuts.
Policies & IssuesNov 18, 2024
Reciprocity Jewels Returns to NYC Jewelry WeekThe group will host several curated events and an exhibition of designer jewelry made with Peruvian gold traceable to the miners’ names.
CollectionsNov 18, 2024
Dolly Parton Shines in Collaboration with Kendra ScottThe collection honors the 50th anniversary of Dolly Parton’s “Love is Like a Butterfly” song, which shares a birth year with Kendra Scott.
Events & AwardsNov 18, 2024
IGI Jewelry Design Competition ReturnsThis year’s theme asks designers to take inspiration from classic fairy tales.
EditorsNov 15, 2024
Why Fine Jewelry Belongs at New York Comic ConSenior Editor Lenore Fedow makes the case for why more jewelers should be appealing to nerds at the annual event.
